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The holiday season is here, and 2024 is drawing to a close! While this time of year often means vacations, family gatherings, and festive cheer, it can also coincide with major life events—like moving into a new home. 

Although real estate transactions tend to slow down during the holidays, for some, this is the perfect time to start a new chapter. If you have a home closing coming up during the holiday season, here are some essential tips to help you navigate the process seamlessly: 

1. Ensure Availability of Advisors: Many professionals, such as real estate agents, mortgage brokers, and lawyers, take time off during the holidays. Confirm in advance that your advisors will be available to handle your transaction and meet critical deadlines. 

2. Be Proactive: Holiday seasons often bring reduced workforce levels at offices, leading to longer processing times. Stay on top of your file by regularly following up with your advisors, banks, and other parties involved.

3. Complete Mortgage Applications Early: Banks typically operate with limited staff during the holidays, which can delay mortgage applications. Start your mortgage application process early to avoid last-minute issues. We have recently received enquiries from clients waiting for the amendments in mortgage rules to take effect on December 15th before starting their mortgage application. If you are waiting for these amendments as well, it is vital that you work with your mortgage broker/advisor to start organizing documents and information beforehand so that your application can be completed as soon as the amendments take effect. 

4. Avoid Last-Minute Changes: Making any changes to your transaction near to the closing date can complicate things. If you have any intentions or believe there is a likelihood of a change in your transaction, for example, adding/removing a person from title, changes in your mortgage, etc., it is best to consult your advisors at your earliest to avoid hiccups. 

5. Plan Your Move in Advance: Holiday season schedule can be tight for moving companies. Contact moving companies well in advance to confirm your moving arrangements. 

6. Prepare for Inclement Weather: Winter weather can be unpredictable and may impact your schedule, including inspections, appraisals, and the actual move. Stay informed about the forecast and have a contingency plan to avoid unnecessary stress. 

7. Time is of the Essence: Regardless of the holiday season, please be mindful that time is always of the essence in real estate transactions. Delays or failure to close on time can expose you to significant liabilities. Therefore, it is vital to be prepared for your closing. 

The holiday season is an exciting time, made even more special if you’re closing on a new home. With thoughtful planning, organization, and clear communication with everyone involved, you can ensure your closing process is smooth and hassle-free. Preparation is the key – staying ahead of deadlines and being proactive will help keep things on track. 

As always, we are here to help! We, at Kormans LLP, work diligently to assist our clients complete their real estate transactions seamlessly. Please feel free to reach out to our office at (905) 270-6660 or by email at info@kormans.ca. 

Congratulations to everyone moving into a new home this holiday season! May this milestone mark the start of wonderful memories as you step into 2025. 

Happy Holidays! 

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Yashkaran Singh is an Associate Lawyer at Kormans LLP. You can reach Yashkaran here: ysingh@kormans.ca.

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